Tax | Committee criticises plans for basis period reform

The House of Lords Economic Affairs Finance Bill Sub-Committee has accused the government of failing to make an adequate case for its proposed basis period reforms to the tax system

16 Dec 2021

Tax

Making Tax Digital

Business Tax

HMRC

Tax | Accountants spend seven days to make clients MTD compliant

As the new Making Tax Digital (MTD) for VAT deadline approaches for over a million small businesses, research from Intuit QuickBooks finds that accountants and bookkeepers are investing a significant amount of time getting clients compliant

14 Dec 2021

Tax

Making Tax Digital

VAT

Tax | 2026 earliest date for MTD for Corporation Tax

HMRC has confirmed that no decision has been taken on a date to introduce Making Tax Digital for Corporation Tax and it will not happen before 2026, but still pledged to granular, transaction reporting

30 Nov 2021

Tax

Making Tax Digital

Tax | How to prepare your practice for the next stage of MTD

The one-year delay to the introduction of the next phase of Making Tax Digital (MTD) for income tax means that accountants have more time to prepare, but it is still a priority, explains Emily Coltman, chief accountant at FreeAgent

25 Nov 2021

Tax

Making Tax Digital

Tax Compliance

Tax | HMRC contacts 1.3m taxpayers about MTD extension

HMRC is sending letters to the 1.3 million small businesses, including buy to let landlords and the self employed, affected by the next phase of Making Tax Digital (MTD)

15 Nov 2021

Tax

Making Tax Digital

HMRC

Tax Compliance

Tax | Making Tax Digital generated £215m less than expected

HMRC’s Making Tax Digital (MTD) programme is expected to generate £265m of additional revenue this year which is 45% lower than the original forecast of £470m

8 Nov 2021

Tax

Making Tax Digital

HMRC

Tax | Agents concerned about rapid tax changes

After confirmation that the UK is to introduce and consult on three more taxes in the Budget last week, tax agents are becoming concerned about this rapid introduction, says the Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT)

3 Nov 2021

Tax

Making Tax Digital

Business

Accountancy Firms

Tax | Basis period reform essential for MTD rollout

Basis period reform has to come in before the latest changes to Making Tax Digital for income tax, which are now slated for April 2024, HMRC officials have told a Lords committee

29 Oct 2021

Tax

Making Tax Digital

Business Tax

Tax Compliance

Tax | Accountancy bodies positive on business focused Budget

After the highly anticipated second Budget of the year, UK accountancy bodies share their reactions to the announcements from the Chancellor

28 Oct 2021

Tax

Making Tax Digital

Business Tax

Personal Tax

Budget

Tax | 82% of businesses want an expansion to Making Tax Digital

Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient

26 Oct 2021

Tax

Making Tax Digital

Business

Companies

Tax | Essentials: Making Tax Digital for income tax

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA) now that regulations have been made legislating the start date and implementing the rules, says Meg Wilson, tax writer at Croner-i

25 Oct 2021

Tax

Making Tax Digital

Personal Tax

Tax | HMRC extends beta trial for agent access to client data

HMRC has extended the trial of a pre-release version extension of its PAYE for the agent’s online service which allows agents to see employer liabilities and payments

14 Oct 2021

Tax

Making Tax Digital

Business Tax

Employment Tax

HMRC

Tax | Small firms spend £25bn a year on tax admin

The Making Tax Digital initiative, which the government states should be ‘making it easier for individuals and businesses to get their tax right’ has significantly increased costs and admin burdens for small firms

14 Oct 2021

Tax

Making Tax Digital

Business Tax

Employment Tax

Tax Compliance

Tax | Basis period reform needs to happen before MTD extension

The UK’s accountancy institutes are concerned that without an improved basis period reform then Making Tax Digital (MTD) for income tax will not be successful

12 Oct 2021

Tax

Making Tax Digital

Business Tax

Tax | MTD for income tax delayed by a year until 2024

In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be postponed by a year

24 Sep 2021

Tax

Making Tax Digital

Tax Planning